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Clay starts today’s webinar off with a level 2 example. We notice a big order block at 16.30 so we can form a trade plan with that information.
We then look at SPY on the 5 minute chart which we see is around a key moving average. Looking earlier in the chart we see the last time it approached this moving average it put in lower wicks and bounced. This time we closed 20 cents below. This opens up the gates to discuss what constitutes chasing this if you were planning to short. Utilizing that moving average as an area of resistance leads to a great entry. Within 5 candles the chart completely collapses. It’s just a matter of trailing our winner at that point.